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Offbeat Manhattan 3-bedroom apartments suddenly seem like a bargain

18:06  14 june  2018
18:06  14 june  2018 Source:

Minimum wage doesn't cover the rent anywhere in the US

  Minimum wage doesn't cover the rent anywhere in the US Low-income Americans working full-time can't afford to rent a modest apartment in any stateLoad Error

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Manhattan’s shrinking rents are prompting apartment-dwellers to think big.

Units with three or more bedrooms accounted for 12.2 percent of new leases in May, the largest share since appraiser Miller Samuel Inc. and Douglas Elliman Real Estate started tracking the data in 2011. Excluding renewals, deals were signed for 767 apartments in the category, a 20 percent jump from a year earlier.

Manhattan renters are all hunting for a bargain, and the biggest ones to be had are with the borough’s largest homes. For apartments with three or more bedrooms, the median rent fell 5.8 percent from a year earlier to $5,650. By comparison, rates for two-bedroom units dropped 4.6 percent to $4,295, and one-bedroom rents were up 0.3 percent to a median of $3,459.

With discounts like those, and an oversupply of high-end apartments, it may make more sense to trade up to a bigger rental rather than buy, according to Hal Gavzie, Douglas Elliman’s executive manager of leasing.

“We’re getting more people who were in the sales market and just haven’t pulled the trigger” on a purchase, he said. “They’re seeing that it’s a renters’ market, and maybe they’re just looking for that deal.”

A minimum-wage worker can’t afford a 2-bedroom apartment anywhere in the U.S. .
Nationally, one would have to earn $17.90 an hour to afford a modest one-bedroom apartment without spending more than 30 percent of income on housing, a common budgeting standard. Or $22.10 an hour for a two-bedroom rental. That's based on the common budgeting standard of spending a maximum of 30 percent of  income on housing.The report estimates that renters nationally make an average of $16.88 an hour. That means even those making above minimum wage struggle to afford rent.Housing costs have continued to rise with growing demand for rental housing in the decade since the Great Recession.

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